UA Local 740’s Pension Trust Fund was established on September 22, 1975 and is registered with the Newfoundland and Labrador Financial Services Regulation Division under registration number 075302 and with the Canada Revenue Agency under registration number 0588624. It is a multi-employer defined benefit pension plan.
A multi-employer defined benefit pension plan simply means that there are two or more employers contributing to the plan and that the level of pension benefit provided is based on a formula set out in the pension plan text. The pension contributions received by the plan are based on a rate negotiated in your collective agreements. Pension contributions are held in the Pension Trust Fund under a Trust Agreement for the sole purpose of providing benefits to eligible members, and to pay expenses associated with the administration of the plan.
The Board of Trustees is responsible for the overall administration of the plan. The trustees are appointed to the board in accordance with the collective labour agreement and the trust agreement. In their duty as administrator, they must ensure that the pension plan and pension fund are administered in accordance with the Pension Benefits Act (PBA) and regulations, and the terms of the pension plan text. While the Board of Trustees retains the overall responsibility for the administration of the plan, they may retain administration staff and professional advisors to handle the day to day operations. The administration office is located in the UA Local 740 Building at 48 Sagona Ave, Donovan’s Industrial Park, Mount Pearl.
More detailed information regarding your pension plan is available in your benefit booklet and personalized benefit statement (PBS), which are available through your Member Online Account: https://mwaonline.manionwilkins.com/